SAN DIEGO, Nov. 06, 2026 (GLOBE NEWSWIRE) -- Beam Global (Nasdaq: BEEM), a leading provider of innovative and sustainable infrastructure solutions for energy storage and security, electrification of mobility, and smart city infrastructure, announces that the Share Purchase Agreement for the acquisition of Norwegian drone technology company ScoutDI, announced on October 7, 2026, has been terminated. The transaction did not close by the agreed long-stop date of November 4, 2026, as a result of current unfavorable conditions in the U.S. public markets. No fees, penalties, or other financial liabilities for either party are due as a result of the termination.
ScoutDI will continue as an independent company under its current ownership and management.
“ScoutDI is an excellent company with an excellent team and equally excellent products. They are currently exceeding our initial performance expectations developed when we first contemplated a business combination with them,” said Beam Global’s Chairman and CEO, Desmond Wheatley. “However, we do not believe that the current U.S. public market conditions, particularly for micro caps, are favorable for this acquisition at this time.”
Additional information about the termination of the Share Purchase Agreement is provided in a Current Report on Form 8-K filed by Beam Global with the U.S. Securities and Exchange Commission, which is available at www.sec.gov.
About ScoutDI
ScoutDI develops drone systems and AI-enhanced software for safe and efficient inspection of confined spaces and other hard-to-access industrial assets. Its Scout 137 Gen3 drone system is used by inspection service providers and asset owners in the maritime, oil and gas and energy sectors to reduce the need for manual entry into tanks, cargo holds and other confined spaces. By replacing scaffolding, rope access and manual entry with a single drone flight, ScoutDI helps customers improve safety, shorten downtime, lower inspection costs and get consistent inspection data that can be compared over time. ScoutDI is headquartered in Trondheim, Norway. For more information visit ScoutDi.com.
About Beam Global
Beam Global is a sustainable technology innovator that develops and manufactures infrastructure products and technologies. The Company operates at the nexus of innovative and reliable energy, transportation and smart city solutions with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage, energy security and intelligent infrastructure. With operations in the U.S., Europe and the Middle East, Beam Global develops, patents, designs, engineers and manufactures unique and advanced technology solutions that power transportation, provide secure sources of electricity, enable smart city services, save time and money, and protect the environment. Beam Global is headquartered in San Diego, CA, with facilities in Yuma, AZ; Broadview, IL; Belgrade and Kraljevo, Serbia; and Abu Dhabi, UAE. Beam Global is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube, Instagram and X.
Forward-Looking Statements
This Beam Global Press Release contains forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. Forward-looking statements in this Press Release include, without limitation, statements regarding conditions in the U.S. public markets and the filing of a Current Report on Form 8-K.
These statements relate to future events or future results of operations. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global’s actual results to be materially different from these forward-looking statements. Risks and uncertainties are described in Beam Global’s filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other filings with the SEC.
Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.
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